Wealth manager AFH has completed the acquisition of Core Financial Holdings in what marks its sixth acquisition in little over a month and the largest this year.
As a result of the transaction Mark Sutton together with nine advisers and their support staff, will join AFH, bringing more than £230m of funds under management to the firm and expanding AFH's presence in the South East.
The firm will also take on subsidiary Core Financial Services, a directly authorised firm based in Maidstone, Kent, together with the assets of Core Corporate Planning Limited, as part of the deal.
AFH will pay a maximum of £7.7m dependent on performance criteria being met, with £3.2m in cash being paid upfront and a further deferred consideration payable in cash over the next 26 months.
Over the past weeks, AFH has made six acquisitions, including a £5.1m deal for Chesterfield-based HTH Group.
Alan Hudson, chief executive of AFH, said: "The acquisition of Core is our sixteenth transaction of the year and significantly expands AFH's position in the South East.
"I am pleased to welcome Mark and his team to AFH and I look forward to working with them to further the development of the AFH brand and continue our growth for the benefit of our new clients and to increase shareholder value."
For the 12 month period ended 31 March 2018, the Core businesses reported combined revenues of £3.8m and profit before tax of £180,000.
On a post acquisition pro-forma basis, the business would have generated an estimated profit before tax in excess of £1.4m, AFH stated.
